Florida Real estate - Tampa area

[Darkbrew]

So we're looking to invest in a place in Florida in the Tampa - St. Petersburg area.

Condo town house or small house, relatively new, reasonable neighborhood, for around $100K

Any thoughts?

[grafxman]

I don't live in that area. I live in N. Florida, Jacksonville, however I read the newspaper every day. Let me say this, proceed with extreme caution. Don't plan on making a profit, plan on losing money. That's what's been happening for several years now in Florida. Just a few weeks ago there was an article about how people were giving away condos. It seems the maintenance on them was upwards of $800 to $1,000 a year for a one week stay and it was just too much for people to pay. They had bought them with the idea of flipping them for a profit and instead ended up with a loss.

I don't think there has been much new construction so nearly everything on the market, as I understand it, is property that was recently "underwater", that is, worth less than owed to the bank. When people try to pick these properties up they run into all kinds of issues with the banks. Many times, according to our paper here, the banks refinance the property but apparently don't change their paperwork to reflect the new payments. Suddenly the new owner starts getting overdue notices for large sums of money and when they try to get things straightened they are suddenly confronted with a Sheriff's deputy and an eviction notice!

About the only thing I've seen that looks half way feasible is when people buy junky properties at an auction. Those properties have nearly no value and everybody knows it. The new owner then puts in a lot of "sweat equity", refurbishes them and rents them out. Sorry to sound so down on your plans but you should absolutely carefully examine everything you plan to buy, ensure all the paperwork is square and hope for the best. In any event, plan on losing money. Good luck.

BTW, on a personal note, I wouldn't live in the Tampa area under almost any circumstances. I much prefer the Melbourne/Titusville area. Of course I like wildlife areas and there are plenty of them around those cities. Also, they are ramping down the Cape since the shuttle missons are over with. There are plenty of high paid people leaving the area and putting their houses on the market. I have read there is a glut of very nice properties for sale around those two cities. They are being sold because people are leaving the area to work in other places, not because of repos. Frankly I think your money would be a little safer in that area than Tampa. Who knows, if they ever start up the space propgram again you might even break even.

[wmussatto]

I haven't been in Florida since '93. Have they finally cleaned up the problem with bribed house inspectors in So./Mid Florida? After Hurricane Andrew they discovered that 2/3 of the houses had missing bits which is why they lost the roofs when a house next to them was fine. I was in Panama City and we got an inspector up there who fled the south because he wouldn't play ball.

[grafxman]

Originally Posted by wmussatto

I haven't been in Florida since '93. Have they finally cleaned up the problem with bribed house inspectors in So./Mid Florida? After Hurricane Andrew they discovered that 2/3 of the houses had missing bits which is why they lost the roofs when a house next to them was fine. I was in Panama City and we got an inspector up there who fled the south because he wouldn't play ball.

I don't know if they have or not. This state is a magnet for crooks and, in my experience, the closer you get to Miami the worse it is. I dislike Tampa for other reasons. When I photographed the Lowry Park Zoo I couldn't find any English speaking employees. It was unbelievable to me. I had tried to ask questions of various employees in the zoo as I walked around and no one, and I do mean no one, could speak English! I've traveled all over the world and I've never, ever had a language problem like I had in Tampa at the zoo.

It was beyond ridiculous. I went to the cafeteria for lunch and I was unable to place my order. I couldn't understand the lady behind the counter. She couldn't speak English well enough for me to understand her. Fortunately a lady behind me in line translated. I served 29 years in the USN and I've ordered food in restaurants from Japan to Paris to Athens to Cairo to Bangkok to Singapore to Manila and I had more trouble getting food in the Tampa Lowry Park Zoo in Tampa FL than I ever did in any of those cities.

If someone asks me about moving to Florida I have to recommend the Melbourne area. I like Jacksonville a lot however I wouldn't recommend it for a Canadian citizen. We have the highest murder rate in the state. If you don't get a concealed weapons permit and pack a pistol everywhere you go you run a good chance of not making it through the day. I don't see the average Canadian doing that.

[billnchristy]

I am from NW Florida (The Redneck Riviera) but knowing how beach property works I don't think you could get a cardboard box (made in the 70s) on the beach for 100k.

[Darkbrew]

Thanks for the replies
We're not looking to make money... just a place to use later in life and for vacation. Seems like a great time to buy.
We're not looking for beach property... we'd rather be higher up, out of likely flood areas. Anything on the beach will be in the water in 20 - 30 years anyway!

[grafxman]

I suggest you come to Florida and stay for a while. Go to Tampa and stay for a week in an extended stay motel. If you stay for seven days the price often isn't too bad. I usually pay about $50 a night. Less stay time often means higher rates. Cruise around, learn the various areas, neighborhoods, talk to people and see what they're like. Ask the locals what they like and dislike about Tampa. I suspect you might get fed up pretty quick with the traffic alone around Tampa.

Then go to another Florida city and do the same thing. That's really the best way to find a good place to visit and live. The Sunday papers usually have tons of real estate and there's always online listings. It's always a great time to buy real estate in Florida. However if you are looking for a really decent place for a reasonable price I suspect the Melbourne area would be your best bet. If I could afford to move and had the energy to pack up that's where I would go and there is no place and I do mean no place in Florida where I haven't at least spent a little time. Just check my flickr photostream. I don't have anything there from Key West yet but I was stationed there for 2 years so I pretty much know about it.

[billnchristy]

Originally Posted by Darkbrew

Thanks for the replies
We're not looking to make money... just a place to use later in life and for vacation. Seems like a great time to buy.
We're not looking for beach property... we'd rather be higher up, out of likely flood areas. Anything on the beach will be in the water in 20 - 30 years anyway!

Ahh much more reasonable then, should be no issues.

I don't have as much a hate for Tampa as he does but yeah, there are pretty decent places to live in FL that would be much more laid back, cheaper, and you are always within an hour or so of a beach.

[Squirrel]

Originally Posted by billnchristy

I am from NW Florida (The Redneck Riviera) but knowing how beach property works I don't think you could get a cardboard box (made in the 70s) on the beach for 100k.

I swear to god my dad only took us on vacation to Panama City Beach so he could tell people we went to the Redneck Riviera.
To this day, it still makes me smile when I hear it.

[psi chick]

i have many friends that have moved to tampa in the last few years. they all love it. i guess it's relative though. you guys talk about how it's not laid back but they all love the slow, relaxed atmosphere of the area. they all came from ny/nj though. so compared to here, it probably is laid back lol